PM reiterates goal of transforming Thailand into EV manufacturing base

Prime Minister Prayuth Chan-o-cha fully supports investment in environmentally friendly production and export industries as part of the effort to transform Thailand into a regional manufacturing base for electric vehicles (EVs), government spokesperson Anucha Burapachaisri said on Wednesday.

The government aims to increase the manufacturing capacity for zero-emission vehicles to 30% of total vehicle manufacturing by 2030, Anucha said.

That number may be conservative considering the rapid expansion of the EV market in Thailand.

Kasikorn Bank Research Centre forecasts annual growth of 271% this year, with sales of EVs exceeding 50,000 units.

Lower excise taxes, price incentives, and the increasing number of charging stations are driving demand for EVs, the research centre said, adding that the shortage of semiconductors during the pandemic has lessened, making it easier to import the key EV components.

The Federation of Thai Industries said registration of new EVs in Thailand reached a record of more than 5,400 units in February, up over 5,000% year on year.

Registration of new hybrid electric vehicles rose to 7,842 units in February, while registration of new plug-in hybrid vehicles reached 1,249 units during the month, the federation reported. Both numbers show annual growth of about 50%.

More than 1,000 EVs were reserved during the first week of the 44th Bangkok International Motor Show 2023 from March 22 to April 2, reports said.